Ashkenazy lands $92M loan from Bank of Ozarks for UWS hotel buy
Developer acquired the Nylo hotel from Lehman Brothers for $140M
Ben Ashkenazy sealed up his deal to buy the Nylo New York City Hotel on the Upper West Side with a $92 million acquisition loan from the Bank of the Ozarks.
Ashkenazy Acquisition Corp. landed the $92.3 million loan from the Arkansas-based bank for its purchase of the 16-story, 291-key hotel at 2178 Broadway, the Commercial Observer reported.
Representatives for Ashkenazy and the bank were not immediately available for comment to the Observer.
The Midtown-based development firm picked up the hotel last month for about $140 million, as The Real Deal reported.
The seller was a trust affiliated with the defunct investment bank Lehman Brothers, which took control of the formerly named On the Ave in 2011 through a deed in lieu of foreclosure deal valuing the property at $191.1 million.
Lehman Brothers then invested about $20 million in renovations and rebranded the hotel in 2013. Room rates at the four-star hotel start at $149 per night, according to the Nylo website.
The building is also home to the Italian restaurant Serafina and Chinese eatery RedFarm. [CO] – Rich Bockmann